Setting up Simple Financial Management Williamsburg VA

Sometimes you don’t need a lot of money to start a business. What you need instead is good financial management. If you plan carefully, control spending, and monitor the money that comes into your business and the money that goes out, you can prevent a monetary emergency later.

Katherine Brown
The Advisory Firm of Katherine Brown, LLC
(757) 847-3040
751 Thimble Shoals Blvd., Suite H-2
Newport News, VA
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Hourly Financial Planning Services, Ongoing Investment Management, Investment Advice without Ongoing Management, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, BA, CSA, PFP

Mr. Robert G. Topping, CFP®
(757) 259-0111
351 McLaws Circle
Williamsburg, VA
Firm
Covenant Wealth Advisors, LLC
Areas of Specialization
General Financial Planning, Investment Management, Investment Planning, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Charles R. Miller, CFP®
(757) 253-5718
209 Warehams Point
Williamsburg, VA
Firm
ACT Financial Services
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Planning, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000

Profession: Business Executives

Data Provided by:
Alan L. Broderick, CFP®
(757) 259-2450
368 McLaws Cir
Williamsburg, VA
Firm
Bay Rivers Group
Areas of Specialization
Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Risk Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Mr. Robert C. Smith, CFP®
(757) 259-0111
351 McLaws Cir Ste 1
Williamsburg, VA
Firm
Covenant Wealth Advisors
Areas of Specialization
Comprehensive Financial Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Mr. W. Scott Mowry, CFP®
(757) 220-9730
411 Scotland Street
Williamsburg, VA
Firm
Legacy Financial Group
Areas of Specialization
Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Mr. Joseph Fernandes, CFP®
(757) 345-3591
477 McLaws Circle, Suite 4
Williamsburg, VA
Firm
Virginia Asset Management, LLC
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Insurance Planning, Investment Management, Long-Term Care, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Mr. Roy B. Hargrove Iii, CFP®
(757) 229-7833
428 McLaws Cir
Williamsburg, VA
Firm
Wells Fargo Advisors LLC
Areas of Specialization
Asset Allocation, Investment Management, Investment Planning, Long-Term Care, Planning for Couples, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Richard Pietsch, CFP®
(757) 258-1063
325 McLaws Cir Ste 2
Williamsburg, VA
Firm
LPL Financial
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Insurance Planning, Intergenerational Planning, Retirement Income Management, Retirement Planning

Data Provided by:
Mr. Donald G. Ackley, CFP®
(757) 220-9029
1315 Jamestown Rd Ste 203
Williamsburg, VA
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, Investment Management, Investment Planning, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Data Provided by:

Setting up Simple Financial Management

Provided By: 

Don't Launch Your Start-Up Until You Have the Finances Under Control
By Nora Caley

Sometimes you don’t need a lot of money to start a business. What you need instead is good financial management. If you plan carefully, control spending, and monitor the money that comes into your business and the money that goes out, you can prevent a monetary emergency later.

Besides preventing disaster, there are other reasons for sound financial management. If you know how much money your business is making and where the money is going, that can help you estimate your future profits. By making accurate projections, you will be able to decide whether you should expand your business. Your well-organized and accurate financial records might help you get a loan or other funding.
Financial management also makes it easier for you to pay taxes. If you are a sole proprietor or you are self employed, you don’t get paychecks with taxes withheld. Instead, you have to pay estimated taxes four times a year, and financial management makes it easier to figure out how much to pay.

Another reason to maintain good financial management is the analysis helps you see whether your business is succeeding. Sometimes when a business fails it’s not due to a lack of sales, but the inability of the business owner to control how much money the company spends, and how quickly the company gets paid for the products and services it sells. Proper financial management will help you keep track of these important details.

Getting Started

First, make sure you separate your business funds from your personal funds. That means different credit cards for your business and your household, and separate checking accounts.
If you have written a business plan, you might already have a projection of your business’s income and expenses for at least the first year. You can use this part of your plan as a guide for the more detailed financial plan you will write.

If you didn’t write a business plan, or if the financial pages of your plan didn’t include a lot of specifics, then write a cash flow analysis for your business. Start with a spreadsheet. If you have Microsoft Excel, set up a spreadsheet in which the column headings are months, and the rows show money in and money out.

The first row should be Cash On Hand. That’s your starting point, the money you have in the business checking account. The next few rows could have titles such as Cash Sales, Collections from Credit Accounts, and Other Cash Injection. On the bottom of that section, put a row called Total Cash. This section shows cash you actually have, not customers’ payments that you expect will arrive in the mail or be deposited into your account soon.

The next rows show the cash paid out. These rows include purchases of raw materials or ingredients, office supplies, advertising, gas mileage, shipping, and other categories. Don’t forget to include loan payments, credit card fees, and checking account fees. On th...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media